Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Marc Toomey (Toomey), previously associated with Metlife Securities Inc., has at least one disclosable event. These events include one regulatory, alleging that Toomey recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on December 09, 2024.
The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted against Marc J. Toomey (“Toomey” or “Respondent”). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The commission finds that This proceeding arises from an oil and gas offering fraud in which, between at least October 2018 and December 2021, The Heartland Group Ventures, LLC (“Heartland Group Ventures”), Heartland Production and Recovery LLC (“Heartland Production”), six other Heartland-affiliated entities, and four Heartland-affiliated individuals (collectively, “Heartland”), raised approximately $122 million from more than 700 investors nationwide through five fraudulent and unregistered securities offerings for which there was no applicable registration exemption (“Heartland Offerings”). Between April 2020 and December 2021 (the “relevant time period”), Toomey acted as an unregistered broker-dealer on behalf of Heartland in connection with two of its unregistered securities offerings. Toomey raised approximately $6,872,460.00 for the Heartland Offerings through the offer and sale of unregistered securities to 15 individual investors, both directly and indirectly through three “feeder funds,” companies that Toomey wholly owned and controlled. Toomey, among other things, solicited investors directly and indirectly to invest in certain Heartland Offerings, provided advice to investors relating to the Heartland Offerings, assisted investors in completing investment documents, assisted investors in transferring their funds to Heartland, and received transaction-based compensation from Heartland for those sales. Toomey was not registered as a broker-dealer with the Commission or associated with a registered broker-dealer during the relevant time period. As a result of his conduct, Toomey willfully violated Sections 5(a) and 5(c) of the Securities Act and Section 15(a)(1) of the Exchange Act.
